With the eldest members of the Boomer generation now well into their 70s and an estimated 10,000 Americans turning 65 each day, Medicare Advantage plans are the fastest-growing segment of the health insurance market, with more plans available than ever before. In fact, since the passing of the Medicare Modernization Act in 2003, Medicare Advantage penetration has been progressively increasing- up to 51% of the eligible population in 2023.
Which factors are influencing retention in this fast-moving, highly competitive market? According to the J.D. Power 2023 U.S. Medicare Advantage Study, one-half or more of MA members say adequate prescription coverage, positive experiences, low co-pays, good reputation and easy-to-find network doctors are their main reasons for renewal. As the number of Medicare Advantage plan options continues to grow, competition for new members and retention are becoming increasingly critical.
How can Medicare Advantage plans understand the evolving needs and expectations of their members?
The newly expanded 2024 J.D. Power U.S. Medicare Advantage Study now examines the experiences of more than 9,000+ members of the largest Medicare Advantage plans across 10 states: California, Texas, Florida, New York, Pennsylvania, Georgia, Illinois, Michigan, North Carolina, and Ohio.
The study measures member satisfaction with Medicare Advantage plans—also known as Medicare Part C or Part D- and explores member satisfaction across brands. The study provides competitive intelligence for how plans are meeting the expectations of their members, based on several factors:
The study data can add focus and clarity to the factors contributing to the MA member experience. To learn more about how to provide a satisfying MA experience, contact us about study subscription details.
Data cited in this article is from the ©2023 J.D. Power Medicare Advantage Study.